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CoreLogic Exploring Strategic Options

Sale of business among alternatives being considered

Aug. 29, 2011

By staff

A sale of CoreLogic is one of several options under consideration by the company's board of directors.

Since being divested from The First American Corp. in June 2010, the Santa Ana, Calif.-based company has initiated aggressive cost cutting and streamlining initiatives, divested its employer and litigation services and outsourced its India operations to Cognizant.

In addition, it named Frank D. Martell as its new chief financial officer as of today and appointed Paul Folino to its board of directors in July.

In an announcement Monday, CoreLogic said that its board is now exploring several options to enhance shareholder value.

"In light of the challenging economic environment and current market conditions, the board has determined to look more closely at a range of alternatives," today's statement said.

Among the possibilities are cost-cutting initiatives, a capital structure evaluation and the possible repurchase of debt and common stock.

Also on the table is "the potential disposition of business lines" and "the potential sale or business combination of the company."

Greenhill & Co. Inc. has been retained as a financial advisor to help it determine which strategy to pursue.

Greenhill says that it is an "investment bank focused on providing financial advice on significant mergers, acquisitions, restructurings, financings and capital raisings to corporations, partnerships, institutions and governments."

CoreLogic reports 2010 revenues of $1.6 billion and a staff of 6,500 employees.

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